Bad Credit, Budgeting

Have you been trying but failing to keep up with the payments for a secured loan or are amassing mortgage arrears on your self cert mortgage? If so then you will probably already have a bad credit rating. This is the way lenders can find out your credit borrowing history. They can see from the rating if you have made some bad choices or have been unable to keep up with past agreements. The worse the rating, the less likely it is that you will be able to secure financial credit in the future. Therefore, if your rating is not good you should consider going to the time and trouble to repair it.

Bad credit can affect your chances of being granted a self cert mortgage or a secured loan. Lenders see it as an indication of your failure to be financially astute, whether through mortgage arrears or another serious infraction. Repairing your rating is not easy but if you want easy access to credit in the future, then you really have to do something about it.

You must not think it will ruin your life. If you have a load of unopened bills and creditors letters you need to try not to get into the cycle of borrowing more to pay off your existing debts. A bad credit rating can be tackled by clever planning and determination.

First up work out exactly how much you owe, how much you have to pay back each month including your mortgage arrears, secured loan payments and self cert mortgage payments. From there take your total monthly income and work out how much you need to live on each month. Work out your budget of how much disposable income you have after you take away all necessary payments including food and living expenses form your total income. Take off a little bit for contingency then you should arrive at a figure you know that you can regularly pay each month. The next task will be getting your creditors to accept this amount. Negotiate and you may be surprised by their willingness to agree a new figure.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE